WWE co-founder and CEO Vince McMahon has “voluntarily resigned” from his role as CEO and President of the Sports Entertainment Center amid a “probable misconduct investigation” about him and WWE boss John Laurinitis.
“During this time, McMahon will retain his role and responsibility for WWE’s creative content and remain committed to working through the current review,” the company said in a statement. The investigation is being carried out by a special committee of the council. He has named McMahon’s daughter Stephanie as interim director and interim president, WWE said Friday.
Wall Street Journal He reportedly paid several million dollars in cash to the women who allegedly had sex with McMahon. The allegations came after the board contacted someone who knew an employee who left the company earlier this year and was paid $3 million. As per the report, he later revealed other payments and legal arrangements with other women.
Laurinaitis once wrestled on stage under the ring name Johnny Ace. McMahon has also appeared on WWE programming as a character for decades.
“I have pledged full cooperation with the special committee investigation and will do my best to support the investigation. “I also promised to get the investigation’s findings and results, whatever they are,” McMahon said.
“WWE and its board of directors take all allegations of misconduct very seriously,” the company said. The independent directors of the board invited independent lawyers to assist them in their independent review. In addition, a special committee and WWE will work with an independent third party to conduct a comprehensive review of the company’s compliance program, human resources function and general culture.
The company said it and the board “do not expect further comment until the investigation is complete.”
Vince McMahon and his family actually control WWE’s Class B shares, even though the company is publicly traded. McMahon is married to Linda McMahon, the company’s former CEO and small business management administrator when President Trump was in office. His daughter Stephanie was until recently the company’s chief branding officer, and her husband, former wrestler Paul “HHH” Levesky, was also the company’s CEO.
“I love this company and am ready to work with independent directors to strengthen our culture and company; “It’s very important to me that we have a safe and cooperative workplace,” said Stephanie McMahon. “I am committed to doing everything I can to help the special committee complete its work, including bringing the entire company together to help complete the investigation and implement its findings.”
WWE has television deals with NBCUniversal (Feedstock It runs on USA Network and Peacock is eligible for its premium events such as fight) and Fox Corp. (which airs slap). It also expanded its programming to other stores, A&E commissioned WWE-themed programming, and Netflix created a documentary series based on the life of McMahon.
Vince and Linda McMahon founded the company that became WWE in 1980 (McMahon’s father has been doing wrestling promotions since the 1950s) and has run it ever since.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
